Well sir, I gave it some thought...Jeff and Undertaker had a match at the December PPV. Have Jeff using the ropes to pin the Undertaker.
I would have had Jeff Jarrett interrupt Owen's first interview following his "return" to Raw after attacking Shawn Michaels at "IYH: DeGeneration X" the night before. Jeff could have soothed Owen's bad feelings and they could connect on a similar level because both of their dads were wrestling pioneers. Jeff could have filled the role of "older brother" to Owen, as both knew what it was like to not see their fathers for weeks at a time. (During this time was when Jarrett became the NWA North American champion.)
They would take this anger out on DX, ("Owen, I know what it's like to have been screwed by Shawn Michaels before, and I don't think it's right what's going on right now with you."), but dissension in the ranks of the 2nd-Generation stars would ultimately result in a match between the two "brothers from different mothers" to determine the #1 contender for the WWF title following the Royal Rumble. (Ref goes down after a double-reverse Irish whip. Jeff would heel Owen in the nuts, then hop to ringside. He pleads with announcer Jerry Lawler, until the King hands Jeff something. Jeff hops back up on the apron to a waiting Owen, who grabs his hair. Jarrett pops Owen in the mouth with the weapon - Lawler's chain. Jeff scales the top rope and wins with his USWA finisher, the bodypress. Jerry Lawler would be really excited, "I never liked those snot-nosed Harts anyway!")
The Royal Rumble happens, then the next night on Raw Shawn would hem and haw about having a bad back after his grueling match with the Undertaker the night before, but Jim Cornette of the NWA came out and said he would threaten to sue the WWF if Jarrett wasn't given his rightful title shot as promised. Commissioner Slaughter, who doesn't like DX anyway, insists Shawn wrestle his match or risk losing the title via forfeit.
Of course, the match goes on and there's a lot of interference from both DX and the NWA group. As agents and officials try to clear the ringside area of all non-participants, Owen Hart runs into the ring and kicks Shawn with an enzugiri, knocking him out the same way he did in 1995. Then Owen grabs Jarrett and uses the Stunner on him, but the result was Jeff covering Michaels as Owen snuck out of the ring, as the referee made the three-count and the title change.
The next week on Raw, new champion Jeff Jarrett is in the War Zone! "If you're not down with Jeff Jarrett as the New WWF Champion, I got three words for ya: Ain't. I. Great!" Owen Hart's new music played and the Black Hart strolled into the ring. There was tension between the two, but Owen stuck out his hand in a bond of friendship. Jeff returned the favor, and the two hugged to a chorus of boos. "Jeff Jarrett, I planned it that way the whole time, champ! I screwed Shawn Michaels, the Boy Toy, and he wasn't liking it one bit! I am disappointed I didn't get the shot at the belt, but at least it isn't in the hands of those scumbags. Now, I don't want to take up any more of your time, because I have a match to prepare for later on." Jeff does his speech about how he's "through with DX and will restore honor and dignity to the championship that has been dragged in the dirt for the past few months. Greatness has finally come to the World Wrestling Federation, and you're looking at it!"
Later on that night, Owen faced The Artist Formerly Known As Goldust in a singles match. But, DX decided to have a little fun at Owen's expense and Goldy was dressed up like Triple H, big fake nose and all. Owen beat him for the three-count. Commissioner Slaughter came to the ring and had a little laugh at the joke DX had played at their expense. But the Sarge had a joke for DX - since Goldust was supposed to be Triple H and lost, he was going to call it "a title match for Hunter's European belt" and award the European title to Owen since he did beat "the champ". (This is an honest-to-goodness true fact - I can't make that up but that was the reasoning behind the title change.)
Jeff Jarrett would wrestle the next couple of weeks in "exhibition matches" with the guys representing the NWA, who would make the match look good, but ultimately, Jarrett would win with the figure-four. "You can't get that kind of action with the so-called stars of the WWF now, can you?" Jim Cornette would bray to JR & Lawler.
Fast forward to the February PPV "IYH: No Way Out (Of Texas)". They decided to have a match where all the titles were on the line in an ten-man main event match-up. (This would preserve the fact Shawn Michaels had a serious back injury, although I don't know why he no-showed the real event.) World Champion Jeff Jarrett, European Champion Owen Hart, Steve Austin, Cactus Jack and Chainsaw Charlie versus Shawn Michaels, Triple H, I-C champion the Rock and the WWF Tag Team Champions, the New Age Outlaws. If Jack or Charlie pin an Outlaw, they win the tag belts. If any of the singles wrestlers pin a champion, they win that belt. To maintain order, Commissioner Slaughter ruled that nobody without an official WWF manager's license will be allowed at ringside. That only allows Chyna to remain at ringside. (The announcers will wonder about where Jim Cornette is at, then sell the story that "since Jim's license is through the NWA - not the WWF - he isn't allowed at ringside with Jeff Jarrett.")
A lot of action all over the ring for 25 minutes until Mike Tyson ran to the ring and got involved with Steve Austin, pulling him away from the action in the ring. Tyson goaded Austin into chasing him to the backstage area, while The Outlaws faced off with Jack & Charlie on the ringside padding. The Rock took a powder to the announce table and started helping call the action (starting a new gimmick he would perfect 2 years later).
This left a 2-on-2 between Jarrett & Owen against DX. The fans were into the frequent tags between the two champions ("The Rock says that he can beat all four of these jabronis, and lay a Smack Down on them any time he wants...") until Owen hit his flying dropkick on Hunter, forcing him to the ropes. Jarrett makes the blind tag by tapping Owen on the shoulder, and goes for a figure four on Hunter. Jeff didn't see Hunter had also made a blind tag to Shawn, and Owen tried to cut him off at the pass.
Shawn hit both men with punches and clotheslines until Owen heeled Shawn while Jeff had the referee's attention. Owen grabbed Shawn and asked Jarrett to blast him good. Chyna snuck underneath the ropes and pulled Shawn's feet out from under him, so he fell to the mat while Owen was hit hard by Jarrett's clothesline and knocked out of the ring. Shawn kipped up, did three loud stomps on the mat and hit Jarrett with his Sweet Chin Music for the pinfall. Shawn is now a three-time champion, Jeff Jarrett sat in the ring frustrated while DX celebrated their victory. Owen rolled into the ring and asked, "What the hell happened? You lost! And, I still have a belt! Ah ha ha haaaa!"
To send the fans home happy, Steve Austin came out from the backstage area (after unsuccessfully chasing Mike Tyson; he seen DX get into a waiting limo and leave the arena), hit both Owen Hart & Jeff Jarrett with Stunners. Vince McMahon stepped into the ring and threatened Steve with the cops, so Steve Stunner'ed him too for good measure.
Thus begins the de-push for Jeff Jarrett for a little while. The only difference is now he's called "a former WWF champion" while he wins all those I-C and Tag belts in 1999.
(I know it doesn't really build Steve Austin as a threat to Shawn Michaels as it should, but all those Raws between the February PPV and WrestleMania XIV should make up for it.)
I gave it a try. With a little tweaking here and there, this is a pretty good way of crowning Jeff Jarrett as a WWF Champion (and how he would lose).